Transfer values

This note examines the current legislation relating to cash equivalent transfer values (CETVs) offered by defined benefit pension schemes including legislation concerning the trustee's responsibility to calculate CETVs, choosing actuarial assumptions, reducing CETVs where the insufficiency conditions are met and extending the calculation period. The notes also considers changes to the statutory provisions concerning entitlement to CETVs and the "appropriate independent advice" requirement, both of which were introduced by the Pension Schemes Act 2015.


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